Beneficial Ownership Requirements for a Legal Entity

BSA expert Doug Keipper will review the CDD Rule and the new requirements issued by FinCEN. You will learn the information you must collect and the procedures to follow to determine beneficial ownership.

Topics Covered

What is beneficial ownership?
How can you determine beneficial ownership?
What does the new Customer Due Diligence Beneficial Owner Rule require?
How should you modify your policies and procedures in your institution?
What decision points are needed?
Which customer types require frequent monitoring?

Training Overview

Do you know who really owns your business accounts? Discover the new customer due diligence requirements.

FinCEN issued the Customer Due Diligence (CDD) Rule on December 16, 2022 to amend existing BSA regulations for certain financial institutions. While following explicit customer due diligence requirements, you must identify and verify the identity of beneficial owners of legal entity customers.

You need to update your protocols for determining the ownership of all accounts, particularly for businesses, associations, trusts, and other organizations.

What is beneficial ownership?
How can you determine beneficial ownership?
What does the new Customer Due Diligence Beneficial Owner Rule require?
How should you modify your policies and procedures in your institution?
What decision points are needed?
Which customer types require frequent monitoring?

Who Should Attend?

BSA Officers
BSA Staff
CIP and Deposit Operations
Anti-Money Laundering Officers
Internal Auditors
Financial Officers
Front Line Staff
Risk Officers
Operational Managers
Branch Personnel
Training

Compliance
Staff with roles and responsibilities in BSA / AML management and oversight
Anyone who opens legal entity accounts
New Accounts Representative
Banking operations managers
Business operations managers
Payments directors
Compliance officers and managers
Risk management staff
Account managers
General counsel

Expert Presenter

Doug Keipper

Certified Anti-Money Laundering Specialist (CAMS) since 2005
Bank Secrecy Act Officer for a billion-dollar bank
Sold BSA software for eight years
Teaching anti-money laundering classes since 2008
Has talked with over 500 BSA officers throughout the USA and Caribbean
Spent over 20 years in retail banking, wholesale mortgages, and financial services

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